The International Monetary Fund (IMF) will commence the fourth review of Egypt’s Extended Fund Facility (EFF) loan programme in November through an IMF mission visiting Cairo, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat announced on Thursday 3/10/2024.
This came during a press conference on the sidelines of a press conference held to announce the key economic indices of the FY2023/2024 and to review the ministry’s efforts in governing investment expenditure and the integrated national development financing strategy at the ministry’s headquarters in the New Administrative Capital (NAC).
Julie Kozack, director of the IMF Communications Department, said in a virtual presser on Thursday 3/10/2024 that the fourth review of the EFF programme will commence in November.
According to the EFF loan programme schedule, which ends in September 2026, the fourth review is scheduled to finish by December.
The audit completion allows the disbursement of a $1.3 billion tranche
of the fund’s loan, the largest among the other segments.
Egypt met all the commitments required for the third review of its $8 billion loan programme with the IMF in July.
Al-Mashat stated that a European mission is visiting Egypt to conduct a review in preparation for disbursing $2.9 billion in funding scheduled for next December.
This represents the second tranche of the financing package the European Union (EU) announced for Egypt in March worth $8 billion in total.
Source: State Information Service Egypt
